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Christian Kastrop, Director of Policy Studies, OECD

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Author Kiran Desai on early success and the Booker Prize

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Standard Chartered fined $300 mn over laundering controls

AFP

Standard Chartered billboards hang above a bank branch in Hong Kong on August 6, 2014Standard Chartered billboards hang above a bank branch in Hong Kong on August 6, 2014

Standard Chartered billboards hang above a bank branch in Hong Kong on August 6, 2014Standard Chartered billboards hang above a bank branch in Hong Kong on August 6, 2014

New York's banking regulator hit Standard Chartered Bank with a $300 million fine and restrictions on its dollar-clearing business Tuesday for inadequate controls on possible money laundering.

The New York Department of Financial Services said the British bank's internal compliance systems had failed to detect or act on a number of "potentially high-risk transactions" originating from Hong Kong and the United Arab Emirates.

Date created : 2014-08-19